Few Basic Q’s on Term Insurance

POSTED BY Arun Kumar ON December 24, 2012 12:37 pm COMMENTS (2)

Hi Manish,

Thanks for all the info you have been giving at this forum.

I have few questions regarding Term Insurance. Please help me to find answers for these

The questions are as below:


1. Can I buy a Term Insurance policy from one company and add Riders to it from another company?

2. Are the Premiums fixed? I mean will there be any increase in the premium to be paid during every renewal?

3. I am single now. Later can i add spouse as additional nominee (along with existing nominees – parents) to the policy I buy now?

4. Is it mandatory to buy the Riders at the time of puchasing the policy itself or can they be added later?

5. Is there any waiting period for Term Insurance policy to get activated?






2 replies on this article “Few Basic Q’s on Term Insurance”

  1. oops!

    Suicide in first 1-2 years NOT allowed for claim depending on policy

  2. 1. No!

    2. Yes fixed in most cases. There are plans where it can. It will be mentioned in offer document if there will be an increase.

    3. Yes. You will have assign % of the sum assured in case nominees are added

    4. Most cases Yes. If insurance company agrees riders can be add later later. I dont think this is possible in most cases.

    5. No. Comes into force from date of issue but claims made within 2-3 years will be termed as early claims and subject to greater scrutiny. Suicide in first 1-2 years now allowed for claim depending on policy

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.